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Daily Watch List With The Best Trade Ideas For The Day

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Trading ideas

Dear traders,

At this moment SPY trading much lower and if won’t be bigger changes we will see bigger gap down. Right now it is around daily 10sma support area. This is situation what I expected if we won’t see healthy move and last two days indices was up, but with small intraday range and I didn’t saw healthy daily extended action. I didn’t know that we will see gap down, but caution was open because of that possibility. We will see open action, but it is smart to not panic at the open. Most longs are already protected but if will be open under stops I will wait at least first 5-15 min. Daily 10sma support area for SPY can bring some bounce after open, but we will see. Also I like to note that I won’t be in the room at Friday (I must go on trip and I will back at Monday with usual activity).

Daily Watch List With The Best Trade Ideas For The Day

Trade Setups With Entry And Exit Instructions

Technical Chart Analysis

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Trading ideas

Dear traders,

I like to write few words about SPY 60 min time frame chart what will explain market moment. We can see that last few days buying pace slowing down. We can call this as consolidation because it is very slow. But also we can see slightly high highs during that period. Those kinds of chart action suggest higher possibility for sharp pull back and that is very open scenario. Monthly, weekly and daily time frame charts are extended confirm that possibility. But also I like top note that already extended charts can be more extended before really correction from high and again 60 min slow pace (consolidation) can be just rest period before new move up. Point is that situation is not clear and before 60 min initial move (up or down) risk for new swing and even day trades will stay higher. We had really nice days this month and from my experience I won’t be surprised if tricky days are in front of us and earning season is also in front of us. Before that both scenarios are open, so let’s be careful with risk and don’t back all what we made last weeks. Right now trading plan and risk management are very important with activity and patience.

Daily Watch List With The Best Trade Ideas For The Day

Trade Setups With Entry And Exit Instructions

Technical Chart Analysis

Live Chat Room

Discussion Board

Trading ideas

Dear traders,

I decide to post indices charts. I like to show market moment. On all three charts we can see extended 60 min time frame charts. Also extended daily time frame charts. We can also see Weekly breakout for SPY and DIA, QQQ pennant resistance. DIA on daily time frame have small room for equal move, while SPY already went above that resistance and yes QQQ have room for some continuation. But that is not point what I’m trying to explain. Point is that we can see extended charts on all time frames, especially on 60 min time frame charts. Now what? I think that is obvious that is high risk for swing trading because we can see correction or consolidation any time. That can show with sharp intraday moves down with strong selling pace. When you are in long trade that is not something what you like to see. I won’t see that is start of bear market, not at all, but in that situation market for sure won’t help to open long trade. Of course that is best when we are in “own way” individual stock chart action, but we can’t know that before entry. For sure, at this moment, those charts not suggest that is smart to short them. They are top strong. Conclusion is that risk for swing trading is higher and in that case for me as swing trader I must know what options I have for possible new trades. First what I can do is to cut risk (part of personal risk management). Second what I can do is to cut trade activity (I will take less new trades until market situation will be more clear for my style). Another option is to focus on intraday action and patterns (scalp and day trade). Another option is to not take any new trade and just be patient and wait to see what market will bring us. What option wills trader us is very individual. Personally I’m something between smaller risk day trade and patience, maybe more patience then trading. Point is that I’m conservative and it is not problem for me to have several days without any new trade. Problem is that members usually don’t have patience and during that period they will back all profit what will make them nervous. I like to repeat that is very individual what risk management and action trader will use. I will bring few ideas and I like to repeat that market moment is higher risk for me (for new swing trades) and it will be very smart at least to wait first 15 – 30 min to see open action, unless you are experienced scalp trader and in that case you already know everything what I’m trying to explain here. If anyone will have any question please let me know. I will be in the room today, but in second part of the day. See you all there.